While other major cities in the global real estate market experienced a stiff downturn after the Global Financial Crisis in 2008, the Seoul office market remained very stable. Focusing on steady rent growth, this paper examines the characteristics of seventy-three office buildings in the city. The result shows three distinct features: (1) the office market, especially the manufacturing sector, is more diversified than that in other global cities, (2) the office space is chiefly occupied by local companies with a small number of foreign financial firms concentrated in the city center, and (3) Chaebols, the large family-based industrial conglomerates, constitute the most notable portion of major office buildings.
Ryu, J. (2018). Seoul office market: Occupancy characteristics and their impact on market stability at a global level. Cornell Real Estate Review, 16(1).78-85. Retrieved from: https://scholarship.sha.cornell.edu/crer/vol16/iss1/20/